(CFPB-PR-241205.1) (12-05-24)
CFPB Takes Action Against Climb Credit and Investment Firm 1/0 for Deceiving Borrowers About Coding Bootcamps and Vocational Programs – Companies illegally lured students in with false promises of quality education and job placement success stories
Excerpt:
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against student lender Climb Credit and its investors, including 1/0 (“One Zero”), filing a proposed order, which if entered will require the companies to stop making representations in their advertising about the quality of the training programs at their partner schools and graduates’ hiring rates and salaries. The CFPB sued Climb Credit for offering loans for educational programs that often were not vetted for quality and job placement success or that failed the vetting, despite Climb Credit making representations to the contrary. If entered, the order will require the defendants to stop making certain representations about their educational offerings in their advertising and pay a $950,000 civil money penalty into the CFPB’s victims relief fund.
“Climb Credit and its investors lured people into loans under false pretenses,” said CFPB Director Rohit Chopra. “The order will put an end to Climb’s lies.”
Agency:
(CFPB-PR-241205.1)